The new Company Service Providers (CSP) Rulebook, was published by the Malta Fnancial Services Authority (MFSA) this week, after a year long process and as a result of Moneyval. This in essence provides a workable regulatory framework for the updated CSP Act.
- CSPs requiring authorisation will be able to submit their applications to the Authority through the MFSA website (LH Portal) between March 16, 2021 and May 16, 2021.
- CSPs already in possession of a registration as a CSP do not need to submit an application. Their registration will automatically be updated.
The amendments to the CSP Act will ensure higher standards of service, risk assessment and AML compliance are raised across the industry. Previous exemptions that were applicable to warranted professionals and de minimis operators are being removed and CSPs will now be categorized depending on the services they offer.
The IFSP will be holding online seminars for Directors in relation to the new Rulebook, for further details visit www.ifsp.org.mt
Download the CSP Rulebook - https://www.mfsa.mt/wp-content/uploads/2021/03/Company-Service-Providers-Rulebook.pdf